The Saudi Investment Bank announces its Annual Financial Results for the Year Ended on 31-12-2023

ELEMENT LIST

Current YEAR

PREVIOUS YEAR

% Change

Total Income From Special Commission of Financing

5,528

3,014.9

83.36

Total Income From Special Commission of Investment

1,887.2

1,052.4

79.32

Net Income From Special Commission of Financing

2,764.4

2,237.2

23.57

Net Income From Special Commission of Investment

652.8

607.7

7.42

Total Operations Profit (Loss)

3,966.6

3,277.9

21.01

Net Profit (Loss) before Zakat and Income Tax

2,028.3

1,712

18.48

Net profit (Loss)

1,761.6

1,507.9

16.82

Total Comprehensive Income

1,962.8

-259.3

-

Assets

129,984

109,071

19.17

Investments

32,301

28,180

14.62

Loans and Advances Portfolio (Financing & Investment)

80,751

68,883

17.23

Clients' deposits

83,233

69,579

19.62

Total Shareholder’s Equity (After Deducting The Minority’s Rights)

14,520

13,575

6.96

Total Operating Expenses Before Provisions for Credit and Other Losses

1,656.8

1,445.2

14.64

Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net

358.7

191.6

87.21

Profit (Loss) per Share

1.59

1.37

Element

Explanation

The reason of the increase (decrease) in the special commission income during the current year compared to the last year is

Net financing and investment commission income increased by 20% primarily due to an increase in gross financing and investment income.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is

Net profit increased by 16.8% due to an increase in total operating income.

Total operating income increased by 21% primarily due to an increase in net special commission income, fair value through profit and loss, gains on disposals of FVOCI debt securities, exchange income, and fee income from banking services.

Total operating expenses increased by 23% primarily due to an increase in provisions for credit and other losses, other general and administrative expenses, depreciation and amortization, rent and premises related expenses, and salaries and employee-related expenses.

The reason of the increase (decrease) in the total net provision of expected credit losses and other losses (reversing entry) during the current year compared to the last year is

Net provisions of expected credit losses and other losses increased due to higher impairment provided for the period and lower recoveries from written off financing during the year.

Statement of the type of external auditor's report

Unmodified opinion.

Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)

N/A

Reclassification of Comparison Items

Certain prior year amounts have been reclassified to conform to current year presentation.

Additional Information

Earnings per share for the year ended December 31, 2023 and 2022 was SAR 1.59 and 1.37 respectively, which was calculated by dividing net income adjusted for Tier I Sukuk costs by 1,000 million shares.